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    Rupee settles with 5 paise gain at 95.17 against US dollar
    India weathered Hormuz disruption without fuel shortages: Puri
    RBI invites public comments on the draft Directions on ‘Credit Valuation Adjustment (CVA) Framework’
    RBI invites comments on the draft “Reserve Bank of India (Commercial Banks – Prudential Norms on Capital Adequacy) Eleventh Amendment Directions, ...
    87 Proposals Received under BHAVYA Scheme during First Round of Phase-I
    India successfully concludes the 16th BRICS Trade Ministers' Meeting in Jaipur under its BRICS Chairship 2026
    GeM Completes a Decade of Transforming Public Procurement with Cumulative GMV Exceeding ₹20 Lakh Crore
    NEWS HIGHLIGHTS
    India's forex kitty swells by USD 10.5 bn to USD 692.87 bn
    Rs 5,000 cr credited to 6.22 lakh Maharashtra farmers so far under loan waiver scheme: Fadnavis
    SBI Life and J&K Bank partner to bring comprehensive life insurance solutions closer to families across India
    DRI intensifies vigil along India's North-Eastern Frontier
    Vijayan slams Kerala govt's move to end doorstep pension delivery through cooperative banks
    Kerala to stop welfare pension delivery through cooperative banks, shifts to DBT
    China's exports slow slightly in July despite robust demand for high-tech products
    India successfully concludes the Tenth BRICS Industry Ministers' Meeting in Jaipur under its BRICS Chairship 2026
    APEDA Organises BIOFACH INDIA 2026 to Promote India's Certified Organic Products and Expand Global Market Access
    RBI bars banks from disabling mobile devices of defaulting borrowers
    Par panel for early conclusion of India-US trade pact, tariff exemptions on key goods
    No commitments relating to ethanol import from US for fuel blending under FTA talks: Govt
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    August 7, 2026
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    Foreign capital inflows supported the rupee despite geopolitical uncertainty, oil-price pressures, and volatile global market sentiment.
    Foreign capital inflows supported a marginal strengthening of the rupee against the US dollar despite global risk aversion arising from uncertainty surrounding negotiations affecting the Strait of Hormuz. Higher crude oil prices and weak domestic equity sentiment remained relevant pressures. Near-term currency movement was expected to depend on developments in the negotiations, weekend decisions, US employment data, the dollar index, crude oil prices, and the reported increase in foreign exchange reserves.
    August 7, 2026
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    Energy security through diversified sourcing protected fuel supplies during Hormuz disruption and supports domestic exploration and alternative fuels.
    Energy security measures based on diversified crude oil and LPG sourcing, expanded infrastructure, increased domestic LPG production and alternative fuels were presented as maintaining fuel availability during disruption of shipping through the Strait of Hormuz. Domestic resilience is also linked to support for private deep-water oil and gas exploration, opening offshore acreage, and expansion of compressed biogas and ethanol blending. Ethanol-blended petrol testing identified limited contamination instances rather than a systemic issue, while excise duty reductions were described as cushioning consumers against global fuel-price volatility.
    August 7, 2026
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    Credit valuation adjustment framework revises derivative capital requirements through flexible basic approaches, hedge recognition, and risk-sensitive counterparty treatment.
    Credit Valuation Adjustment framework revisions align CVA capital treatment with final Basel III standards. Eligible banks may use the full or reduced basic approach, while banks with an insignificant volume of non-centrally cleared derivatives may calculate their CVA capital charge at 100 per cent of the counterparty credit risk capital charge. The draft also clarifies CVA hedge recognition, introduces risk weights sensitive to sector and credit quality, and separates systematic and idiosyncratic CVA risk in the full basic approach.
    August 7, 2026
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    Leverage ratio framework amendments propose Basel-aligned capital adequacy standards, with public feedback invited on the draft directions.
    Proposed amendments to the leverage ratio framework would revise Chapter VII of the 2025 Commercial Banks Prudential Norms on Capital Adequacy Directions to implement the Basel Committee's Leverage Ratio 2017 Standard. Public comments and feedback on the draft Eleventh Amendment Directions, 2026, are invited until August 28, 2026, through the designated online platform, postal submission, or email.
    August 7, 2026
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    BHAVYA Scheme project selection uses challenge-based evaluation of infrastructure, industrial ecosystems, and policy enablers under prescribed eligibility criteria.
    BHAVYA Scheme Phase-I proposals submitted by State and Union Territory governments will be evaluated and scored under prescribed eligibility and evaluation criteria. Challenge-based project selection considers connectivity and site suitability, quality of core, value-added and social infrastructure in the detailed project report, and the industrial ecosystem and policy enablers. The Scheme guidelines provide for completion of the first-phase selection process within one year from notification.
    August 7, 2026
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    Multilateral trade cooperation preserves developing economies' policy space while advancing MSME finance, diversified value chains and digital services.
    BRICS ministers adopted measures supporting a development-centred multilateral trading system with the World Trade Organization at its core, preservation of Special and Differential Treatment, binding two-tier dispute settlement, and developing economies' policy space for food security and public stockholding. MSME measures include study of an invoice discounting mechanism and credit-assessment principles focused on cash flow rather than collateral. Value-chain measures provide for a GVC Action Plan, technical cooperation, Special Economic Zone cooperation and digitised trade documents, alongside principles for trusted cross-border digitally delivered services.
    August 7, 2026
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    Digital public procurement promotes transparent sourcing, reduced seller charges, competition monitoring and evidence-based spending oversight through an integrated marketplace.
    Government e-Marketplace digitises public procurement through a unified platform promoting transparency, efficiency, good governance and wider supplier participation. Seller-facing measures include reduced transaction charges, exemption of smaller orders, a cap on maximum transaction fees and reduced vendor assessment fees. The platform uses Artificial Intelligence and Machine Learning tools to identify suspected cartelisation, collusion and order splitting, while its digital transactional trail supports expenditure monitoring, identification of inefficiencies and evidence-based policy interventions.
    August 7, 2026
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    Criminal justice, extremist-material regulation and administrative schemes feature in reports on prosecutions, demolition practices, loan waivers and fuel policy.
    Criminal justice reports cover bail and an expedited trial in an assault prosecution, arrest for allegedly sheltering an accused, allegations of rape and murder of a minor, and claimed irregularities in a police recruitment examination. Regulatory developments include a ban on extremist literature associated with proscribed organisations and judicial disapproval of coercive demolition. Administrative coverage includes farmer loan-waiver transfers following Aadhaar authentication and debate over the E20 fuel-blending programme.
    August 7, 2026
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    Foreign exchange reserves rose as foreign currency assets, gold holdings, Special Drawing Rights and IMF reserve position increased.
    India's foreign exchange reserves increased during the week ended July 31, principally because of higher foreign currency assets and gold reserves. Foreign currency assets include US dollar valuation effects arising from movements in currencies such as the euro, pound and yen. Special Drawing Rights and India's reserve position with the International Monetary Fund also increased. The movement followed measures to attract foreign exchange inflows, including an FCNR(B) measure, after earlier reserve declines associated with rupee pressure and dollar sales for foreign exchange market intervention.
    August 7, 2026
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    Farm loan waiver eligibility depends on verified beneficiary status and Aadhaar authentication for direct credit of eligible crop-loan relief.
    The farm loan waiver scheme covers eligible short-term crop loans within the prescribed ceiling and eligibility period. Waiver amounts are credited to verified bank accounts after field verification and completion of Aadhaar authentication. Aadhaar authentication is the operative condition for automatic processing of benefits, while eligibility rules and technical conditions have raised concerns about exclusion of distressed farmers.
    August 7, 2026
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    Corporate agency distribution expands access to life insurance products, supporting insurance awareness, financial inclusion and long-term household financial protection.
    A corporate agency arrangement enables J&K Bank to distribute SBI Life Insurance protection, savings, retirement and child-oriented life insurance plans through its branch network. The partnership aims to improve insurance access, awareness, financial literacy and long-term financial planning for households, particularly in Jammu & Kashmir and Ladakh. It is intended to expand insurance penetration, strengthen household financial protection and support financial inclusion in line with the IRDAI vision of "Insurance for All by 2047".
    August 7, 2026
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    Cross-border smuggling controls target narcotics, poppy seeds and areca nuts entering through the Indo-Myanmar border region.
    Cross-border smuggling enforcement targeted methamphetamine, foreign-origin poppy seeds and areca nuts allegedly brought from Myanmar. Methamphetamine concealed in an ambulance was seized under the NDPS Act, 1985. Poppy seeds and areca nuts recovered in separate operations were seized under the Customs Act, 1962. Poppy-seed imports are restricted to designated countries and require registration to ensure traceability and prevent illicit produce entering legitimate supply chains. The enforcement action addresses circumvention of customs controls and regulated import requirements.
    August 7, 2026
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    Direct benefit transfer for welfare pensions replaces cooperative-bank doorstep delivery, while retaining limited home service for excluded beneficiaries.
    Direct Benefit Transfer for social security and welfare pensions is to be made through Aadhaar-linked bank accounts, replacing cooperative-bank doorstep delivery. Home delivery remains available for bedridden persons and others who cannot be excluded. The change is associated with delays in remitting undistributed amounts, record-update failures, reconciliation issues, duplicate payments, and incomplete Aadhaar-based payment implementation. Concerns have been raised that mandatory bank-account credit may disadvantage beneficiaries dependent on doorstep delivery.
    August 7, 2026
    Show AI Summary
    Direct Benefit Transfer for welfare pensions replaces doorstep cooperative-bank delivery, while home delivery remains for bedridden beneficiaries.
    Direct Benefit Transfer of social security and welfare pensions is to be made mandatory through Aadhaar-linked bank accounts, replacing cooperative-bank doorstep distribution. Home delivery continues for completely bedridden beneficiaries and others who cannot be excluded. The change addresses delays in remitting undistributed amounts, record-update and reconciliation deficiencies, duplicate payments linked to incomplete Aadhaar-based payments, delivery incentive costs, and the need to comply with Direct Benefit Transfer norms to avoid loss of central financial assistance.
    August 7, 2026
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    Customs trade data show moderating July growth while high-technology exports, vehicles and advanced manufacturing supplies remain strongly supported.
    Customs and trade data showed that China's July export and import growth moderated and its trade surplus narrowed from the preceding month. Typhoon-related port disruptions affected trade flows, but demand for electronics and green technology products supported elevated values. High-technology items, vehicles, electronics and machinery recorded strong January-July export growth, while trade performance varied among the United States, the European Union and Southeast Asia.
    August 7, 2026
    Show AI Summary
    BRICS industrial cooperation advances MSME, photovoltaic, startup and logistics frameworks alongside resilient trade and digital services collaboration.
    BRICS industrial cooperation under PartNIR was strengthened through a Joint Declaration and institutional measures addressing MSMEs, photovoltaics, startup-led innovation, and resilient transport and logistics. The measures include an SME cooperation framework, Terms of Reference and an Action Plan for photovoltaic industry cooperation, and a startup innovation action plan. Trade discussions focused on the multilateral trading system, MSME participation in international trade, resilient global value chains, and cross-border digitally delivered services within a rules-based trading framework.
    August 7, 2026
    Show AI Summary
    Certified organic export promotion: BIOFACH INDIA facilitates buyer-seller engagement, certification awareness, traceability discussions and international market access.
    BIOFACH INDIA 2026 promotes certified organic exports by providing a platform for Indian organic enterprises to showcase diverse certified products and engage with overseas buyers through structured Buyer-Seller Meets. Technical sessions address organic certification, traceability, sustainability, quality standards, international regulatory requirements and export-market expectations. The initiative supports quality assurance, international market access, export linkages and sustainable agricultural practices across the organic value chain.
    August 6, 2026
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    Device-based loan recovery restrictions protect essential mobile functions while permitting gradual locking only for lender-financed devices.
    Technology-based recovery mechanisms cannot restrict or disable a borrower's mobile device unless the bank financed acquisition of that device. Where permitted, banks must adopt a gradual approach and preserve essential functions, including incoming calls, SMS access, and emergency SOS features. Regulated entities and service providers must obtain manufacturer or operating-system certification for device-locking technology. Disclosure of borrower or guarantor information to recovery personnel must be limited to what is necessary for loan-recovery duties.
    August 6, 2026
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    Bilateral trade agreement negotiations should secure tariff certainty, protect key exports, strengthen supply chains, and support vulnerable small industries.
    An early Bilateral Trade Agreement is proposed to protect Indian interests, secure tariff exemptions for key exports, reduce barriers affecting industrial products, and create predictable trade conditions. Recommended measures include financial and export-credit support for small industries, real-time monitoring of customs requirements, documentation assistance, and timely policy support against tariff and non-tariff barriers. Export strategy should develop knowledge services and critical supply-chain integration, while a National Fund should assist suppliers with redesign, tooling, certification and entry into new global supply chains.
    August 6, 2026
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    Ethanol imports for fuel blending remain excluded from trade commitments, with domestic producers continuing to supply the blending programme.
    Ethanol imports for fuel blending remain outside concessions or commitments in India-US trade discussions. Under the Ethanol Blended with Petrol Programme, ethanol procurement is governed solely by domestic policy requirements and is sourced entirely from domestic producers. Claims of existing or intended large-scale ethanol imports from the United States for fuel blending, or of a policy change permitting them, are stated to be baseless.

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      Arif Patel Launches a Global Scholarship Program to Empower Education

      September 11, 2025

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      Arif Patel has announced a scholarship program through his foundation, the Arif Patel Foundation. It is a scholarship and mentorship program that is designed to break financial barriers and provide access to quality higher education. As this program is globally launched, he believes that it will benefit all the students who want to pursue their studies but do not have resources. Mr. Arif Patel is the founder of Preston Trading and CEO of ABC Capital but now has decided to do more social work through his several scholarship programs and NGOs. Arif Patel made this announcement at a press conference in Dubai, where he highlighted the role of education in shaping societies and industries. “Knowledge is the foundation of every innovation we see in the world today. By supporting young students, we are not only helping them achieve their dreams but also investing in the progress of communities and the future of global industries,” he stated.

      Based on Patel's own experience, the team will initially start with students in two countries, the UAE and the UK and has set a target for how it is going to help more students from other countries. As per the plan, it may take the next three years to deliver its benefits to other parts of the world as well. The program offers financial aid for school, connections with professional mentorship networks, and career guidance opportunities.

      His Journey from Dubai to Global Leadership Arif Patel's philanthropic efforts are deeply connected to his own journey. A journey of struggle, education and entrepreneurial success. He was born on July 12, 1985, in Dubai, UAE, Patel. As he was brought up in a most luxurious and developed country, it was very early that he developed his early interest in technology, learning, and business. As a child, he had a strong desire to explore opportunities beyond conventional paths, which helped him make brave choices later in life.

      Arif Patel was very young when he had to take a tough decision. In 2010, he and his family planned to move to Preston, United States. But instead of diverting his focus from education, he pursued his bachelor’s degree at the University of Central Lancashire, where he deepened his interest in energy and engineering. He was also passionate about the energy industry and always wanted to explore more. But as he believes education is the best source of any learning, Arif Patel decided to continue his higher studies and went to Heriot-Watt University in Edinburgh, where he earned a Master’s degree in Petroleum Engineering.

      These academic foundations not only sharpened his technical expertise but also nurtured his ability to combine innovation with business strategy—an approach that became the hallmark of his career.

      The Entrepreneurial Rise: Preston Trading and Beyond After his education, Patel established his own company Preston Trading and started his professional journey. As of now, Preston Trading has grown into a leading force in oil and gas exploration, mining, and engineering services. Patel is the main pillar of the company and only under his creative leadership has the company gained recognition for its creative solutions, ethical practices, and strategic adaptability to market challenges.

      In addition to Preston Trading, Arif Patel also co-founded The UK Group, a business group to work together for building partnerships and fostering economic growth. As he has an ability to unite diverse talents and industries, he helped the group to gain a reputation in the international markets.

      In 2012, Arif Patel took on another role as a CEO of ABC Capital in Dubai. ABC Capital is an economic institution that focuses on investment strategies and global finance solutions. It's been more than two decades serving in the same role, and during this tenure, he has led ABC Capital to new heights, positioning it among the most respected firms in the industry. He has also been recognized as one of the Top 10 Best Investment Company Executives, which is a result of his skill in merging financial expertise with visionary leadership.

      His Leadership's Philosophy and Skills Inspire Arif Patel has a unique leadership style that is rooted in ethics, innovation, and empowerment. He has a firm belief that people who work for a company are its best asset. This is the main reason that he always focuses on creating an environment where people are encouraged to work together, be honest, and be creative.

      He has multiple skills, such as: • Strategic Planning and Analysis – Crafting long-term plans for sustainable growth.

      • Project Management—Ensures the execution of excellence across industries.

      • Negotiation and Conflict Resolution—Skilled at making global partnerships with win-win partnerships.

      • Technology Integration—Sharp to adopt any modern technologies, staying ahead of industry trends.

      Arif Patel has a sharp eye to recognize new possibilities and has the skills to find creative solutions for any problem, so people are eager to work with him. He is a highly respected leader in both the energy and finance industries.

      Philanthropy Beyond Business Patel has made several achievements and has earned global recognition through his successful business efforts, but his dedication to helping others is what makes his reputation what it is. Arif Patel is always committed to helping others. This is the main reason behind launching a scholarship program, as he thinks that being successful in business should lead to being responsible in the community.

      In addition to the education scholarship program, Patel has also been involved in healthcare projects, particularly the projects that improve access to medical facilities in underserved communities. Arif Patel is a sports lover and knows the role of sports in building discipline, teamwork, and resilience among young people. He has also made uncountable contributions to youth sports programs.

      At the press event, Patel shared, “Every accomplishment feels incomplete if it does not create value for others. I have clear vision that drives my businesses and charity i.e. to empower people, to enable progress, and leaving behind something meaningful." His Impact on Industries and Communities Through his ventures, Arif Patel has not only helped transform companies but has also influenced industries at the international level. He is known as a pioneer in energy innovation, while ABC Capital has become a trusted name in financial strategy and investment. He has made an easier way for many people to get education and medical care and to grow through his charitable work.

      Patel is an expert at balancing business with community service in his work, so people all over the world know him as a role model for aspiring leaders across the world.

      Builds a Lasting Legacy Arif Patel has a big future vision where he is not only limited to expanding his business, but he is also putting his efforts into building a legacy that integrates economic growth with social progress. Patel has set a standard for leadership that goes beyond boardrooms, where he engages new ideas in businesses and makes communities better at the same time.

      As he continues to steer his companies toward new horizons, his philanthropic endeavors—such as the scholarship initiative—serve as reminders that true success is measured not only in profits but also in the lives impacted along the way.

      Conclusion Arif Patel, who is a global business leader, started his journey from Dubai to Preston and has made a positive impact on society. Hisability to envision possibilities, create opportunities, and give back to society makes him not just a businessman but a changemaker. He has already launched his scholarship program and has a plan to expand this program with more aid in multiple countries. He continues to inspire industries, communities, and individuals who believe that success, when shared, has the power to transform the world.

      (Disclaimer: The above press release comes to you under an arrangement with NRDPL and PTI takes no editorial responsibility for the same.). PTI PWR

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